CMP Media sees lower earnings

The tech publisher says it expects results for its fiscal third quarter to be below forecasts due to fewer ads.

January 2, 20024:43 PM PST

CMP Media said today it expected results
for its fiscal third quarter to be below analyst forecasts due to
reductions in technology advertising.

The publisher of high-tech magazines and Web sites estimated net income
would fall in the range of $200,000 to $500,000, or 1 cent to 2 cents per
share. A consensus of analysts had forecast CMP to post a profit of 21
cents, according to First Call.

Based in Manhasset, New York, CMP earned 26 cents per share for the
year-ago third quarter, which ends September 30. It estimated revenue for
this quarter would be between $116 million and $120 million, compared to
revenue of $114.2 million a year ago.

"The widespread slowdown in sales-growth rates among technology companies,
as well as uncertainty about the continuing instability in Asia and other
foreign markets, has resulted in reductions in technology advertising and
marketing budgets and a heightened sensitivity to page rates," CMP chief
executive Michael Leeds said in a statement.

CMP's stock closed at 10.625, down more than 31 percent or 4.875 points, in trading of 324,900 shares.